ⅰ.Outline:
CorporateFinance:
Threebasictypesofbusinessorganizationsandtheircharacteristics(SoleProprietorship,PartnershipandCorporation),Limitedliability
Capitalbudget(investment)DecisionandFinancingDecision
PresentValue(PV),discountfactorandFuturevalue(SimpleinterestandCompoundinterest)
PVofmultiplecashflows:Perpetuitiesandannuities,effectiveannualrates(annualcompoundedrate)andAPR
RealinterestandNominalinterest
PresentValueofabond,Yieldtomaturity
DividendDiscountModel
PlowbackRatio,PayoutRatio,SustainableGrowthRate
InvestmentCriteria:NPV,PaybackPeriod,InternalRateofReturn(IRR)
Return,measureofrisk--varianceandstandarddeviation,Riskpremium
PortfolioreturnandSTD
Marketriskanduniquerisk,Diversification
Beta,PortfolioBeta
MarketRiskpremium
CAPM,securitymarketline
WeightedAverageCostofCapital(WACC)
MMpropositionI,II;
DebtRatio,EquityRatio,Debt-EquityRatio,Leverage,financialrisk
CapitalStructureandCorporateTaxes,PVtaxshields,Annualtaxshield
Costsoffinancialdistress,Trade-offTheory
Valueofleveredfirm=valueifallequityfinanced(unlevered)+PVtaxshield–PVfinancialdistress
PeckingOrderTheory
Cashdividendandstockdividend,Stocksplit,Stockrepurchase
Balancingitem,Percentageofsalesmodels
Requiredexternalfinancing,InternalFinancing
Internalgrowthrate,Sustainablegrowthrate
Investments:
Thedifferencebetweenrealassetsandfinancialassets
Therisk-returntrade-off
Characteristicsofcommonstock
Buyingonmarginandshortsales
Riskandriskpremium
Assetallocationacrossriskyandrisk-freeportfolios
Passivestrategiesandthecapitalmarketline
Efficientdiversification:theoptimalriskyportfoliowitharisk-freeasset,theefficientfrontierofriskyassets,choosingtheoptimalriskyportfolio,thepreferredcompleteportfolioandtheseparationproperty
TheCapitalAssetPricingModel:Theriskpremiumofmarketportfolio,thesecuritymarketline,theindexmodel,realizedreturns,andthemean-Betaequation
Theefficientmarkethypothesis
Bondcharacteristics:thedifferencebetweenTreasurybondsandcorporatebonds
Bondpricingandbondyields
Bondpricesovertime
Interestratesensitivityofbondprice
Thedifferencebetweencalloptionandputoption
a)FundamentalsofCorporateFinance,byRichardA.Brealey,StewartMyersandAlanMarcus,7thed.,McGraw-Hill.
b)EssentialsofInvestments,byZviBodie,AlexKane,andAlanMarcus,9thed.,McGraw-Hill.
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